Planning your finances can lower your taxable income and increase your savings. You can save tax without investing in a single scheme and just going ahead with your regular expenses. As an employee, you can avail of certain deductions and exemptions during a financial year and lower your tax liability considerably. You can take advantage of these while filing your income tax return for FY 2023-24.Understanding New vs Old Tax RegimeA new tax regime was introduced in Budget 2020 wherein the tax slabs were altered, and taxpayers were offered concessional tax rates. However, those who opt for the new regime cannot claim several exemptions and deductions, such as HRA, LTA, 80C, 80D , and more.The old regime is the tax system that prevailed before the introduction of the new regime. Under this regime, there are over 70 exemptions and deductions available, including HRA and LTA, that can reduce your taxable income and lower tax payments.

Tax filing can sometimes be a tedious task with risks of numerous errors. In this regard, it is imperative to have sound knowledge about the various aspects of income tax filing and other related information. To assist taxpayers and resolve their queries, the income tax department has come up with income tax customer care numbers. Individuals can always feel free to call any of the numbers highlighted below for prompt assistance.Scroll down and check out the customer care numbers that you can call for resolving queries related to e-filing and other queries. Types of Queries Addressed Through Income Tax Toll-Free NumbersHere are the types of queries that you can address by calling any of the income tax toll-free numbers: In case you have any general queries regarding income tax.If you have queries related to the e-filing of income tax Returns or Forms and other valuable services offered through the e-filing portal.Issues related to TAN and PAN applications. For any sort of rectification, intimation, refund and other queries related to Income Tax Processing.Any queries related to Tax credit (Form 26AS), Form 16 and other queries regarding TDS statement, Form 15CA processing.List of Income Tax Customer Care Helpline Number and Email IDsDiscussed below are the official contact details of the income tax department. You can take note of these income tax customer care numbers to resolve any of your queries. Income Tax Department official Toll-Free And Customer Care Numbers And Contact DetailsDepartment Contact DetailsAaykar Sampark KendraCall on income tax toll-free number 1800 180 1961 or 1961.e-filling of income tax return Dial the toll-free number of 1800 103 0025Tax Information Network-NSDLCall on +912027218080TDS Centralised Processing Centre (TRACES)Dial 1800 1030344Refund/RectificationCall on 1800 1034455Tax Return Preparer SchemeCall on income tax helpline number 1800 1023738Official Income Tax Email IDsIncome Tax Help Desk Email IDPurpose@incometaxindiaefiling.gov.inFiling income tax returns@incometax.gov.inDepartmental website@cpc.gov.inCompliance and reporting@tdscpc.gov.inInformation related to TDS @nsdl.co.inPAN card@insight.gov.inPAN cardIncome Tax CPC Helpline Toll-Free Numbers, Working Hours and Email IDsPurposeHelpdeskIncome Tax Helpline NoWorking HoursGeneral queries about Income TaxAayakar Sampark Kendra (ASK)1800 180 1961 or 196108:00 hrs - 22:00 hrs (Monday to Saturday)PAN & TAN queries, etc.Tax Information Network - NSDL+91-20-2721808007:00 hrs - 23:00 hrs (All Days)e-Filing of Income Tax Returns or Forms, etc.e-Filing1800 103 0025 (or) +91-80-46122000 +91-80-614647001800 419 002508:00 hrs - 20:00 hrs (Monday to Friday)Form 16, and other related queriesTRACES (TDS Reconciliation Analysis and Correction Enabling System)1800 103 0344 (or)+91-120-4814600 10:00 hrs - 18:00 hrs (Monday to Saturday)For rectification, refund, etc. Centralised Processing Center1800 103 4455 (Toll-free) (or) +91-80-4660520008:00 hrs - 20:00 hrs (Monday to Friday)Income Tax SMS CodesAfter knowing the income tax customer number, you can also take a look at the official SMS codes of the income tax department. These codes are generally used to send out official communication.ITDEPTTDSCPCITDEFLUTIPANCMCPCISBICMPINSIGTNSDLDPNSDLTNThe income tax department uses these codes, in particular, to send reminder messages and notifications regarding tax payments.

Employees often receive perquisites in the form of cash or kind from their employer. These are some added benefits or advantages given to an employee other than his or her salary. As per the Income Tax Act, there are both taxable and non-taxable perquisites. Read along to learn about perquisites meaning, their types, benefits, taxability, and more.Perquisites Meaning In Income TaxWhen your employer provides extra benefits and other advantages along with your basic salary or wage, they are referred to as perquisites in income tax. However, perquisite do not include the reimbursements offered by your employer.

The first step towards tax saving is to understand the country's tax structure. At present, there are two tax regimes operational in the country. The taxpayers now have the choice to pick a tax regime that can help them save more money. If you haven’t made any choice, you will be shifted to the new tax regime by default. If you want to know how to save tax on a 1 crore salary, this is just for you. Tax Slabs Under Old vs New Tax RegimeAs per the new income tax guidelines, you can opt for either the new or the old regime while filing your taxes. Here is a difference between the two:Tax SlabFY 2023-24 Tax Rate (Old tax regime)Tax SlabFY 2023-24 Tax Rate (New tax regime)Up to Rs 2,50,000NilUp to Rs 3,00,000NilRs 2,50,000 – Rs 5,00,0005%Rs 3,00,000 – Rs 6,00,0005%Rs 5,00,000 – Rs 10,00,00020%Rs 6,00,000 – Rs 9,00,00010%Rs 10,00,000 and beyond30%Rs 9,00,000 – Rs 12,00,00015%NANARs 12,00,000 – Rs 15,00,00020%NANARs 15,00,000 and beyond30%If you file your taxes according to the new regime, you cannot avail most of the tax benefits.

In India, the income tax department has set up a progressive tax regime, meaning the tax rates keep increasing with your income. However, by familiarising yourself with effective tax reduction strategies, you can benefit a lot. You can opt for various tax-saving measures to reduce your tax burden. Take a look at this article if you are looking for tips on how to save tax for a salary above Rs 12 lakh.Tax Slabs Under Old vs New Tax RegimeAs per the new income tax guidelines, you can opt for either the new or the old regime while filing your taxes. Here is a difference between the two:Tax SlabFY 2023-24 Tax Rate (Old tax regime)Tax SlabFY 2023-24 Tax Rate (New tax regime)Up to Rs 2,50,000NilUp to Rs 3,00,000NilRs 2,50,000 – Rs 5,00,0005%Rs 3,00,000 – Rs 6,00,0005%Rs 5,00,000 – Rs 10,00,00020%Rs 6,00,000 – Rs 9,00,00010%Rs 10,00,000 and beyond30%Rs 9,00,000 – Rs 12,00,00015%NANARs 12,00,000 – Rs 15,00,00020%NANARs 15,00,000 and beyond30%If you file your taxes according to the new regime, you cannot avail most of the tax benefits. To calculate your tax liability using both regimes, you may use the old vs new tax regime calculator. Tax Saving Options Under New And Old Tax RegimeLet us take a look at the new and old tax regime tax slab to get an idea regarding how much tax you need to pay in case your income is above Rs 12 lakh:New Tax Regime (FY 2023-24)Unlike previous financial years, you can now claim certain deductions if you opt for the new tax regime.

The 2023-24 Budget proposed some major tax reforms by introducing tax rebates on an income up to ₹7 lakhs under the new tax regime. This means that taxpayers who have an income below ₹7 lakhs will not have to pay any tax at all if they choose the new tax regime. Previously, there were limited exemptions or deductions; however, the FY 2023-24 Budget has announced various exemptions and deductions under the new tax regime. Before filing your income tax return this year, let us understand how you can save tax on your salary with an example. Latest Update as per Finance Act 2023As per the latest Finance Act 2023, changes have been made in the slab rate for the new tax regime. The rebate provided under section 87A has also been increased to Rs 25,000. Thereby, for Salary income upto Rs 7.5 lakhs, tax liability will be zero. How To Save Tax If You Have Annual Salary Of Above Rs 7 Lakh?Let’s say your gross salary is Rs.7,50,000.

Cryptocurrency is an exciting investment option, but it can also come with a hefty tax bill. The IRS treats cryptocurrency as property, and therefore taxes it as such. This means that any gains made from buying and selling cryptocurrency are subject to capital gains taxes. However, there are ways to reduce your crypto taxes and keep more of your profits. Let us understand the top 10 ways to save crypto taxes; 1.Plan ahead: It is important to plan ahead when it comes to cryptocurrency taxes. Such transactions or trades might have tax implications.

Non-fungible tokens (NFTs) and cryptocurrencies have recently gained immense popularity. NFTs are unique digital assets that are stored on blockchain technology, and cryptocurrencies are decentralised digital currencies that operate independently of central banks. The increasing adoption of NFTs and cryptocurrencies has led to questions about how they are taxed. This article will explain how NFTs and cryptocurrencies are taxed.What Are NFTs?An NFT is a type of digital asset that represents ownership of a unique item or piece of content, such as artwork, music, or a video clip. Unlike cryptocurrencies such as Bitcoin, which are interchangeable and have the same value regardless of their specific unit, each NFT is unique and cannot be replicated or replaced.

Cryptocurrency is a type of digital currency that uses encryption methods to oversee the creation of currency units and ensure the safe transfer of funds. The key difference between traditional currency and cryptocurrency is that the latter is decentralised, meaning it operates without the backing of a central body like a government or financial institution. Rather, cryptocurrencies rely on blockchain technology to keep a transparent and secure record of all transactions.As the use of cryptocurrencies has become more widespread, tax authorities worldwide have begun to take notice and are seeking to regulate these transactions.What Is Crypto Tax?Crypto tax pertains to the tax obligations of individuals and businesses for their cryptocurrency-related transactions and profits. This refers to the amount of tax that must be paid to the government or tax authority for income earned through cryptocurrencies.Cryptocurrencies, such as Bitcoin and Ethereum, are typically treated as property for tax purposes in most countries. Any profits or losses from buying, selling, or exchanging cryptocurrency may be subject to capital gains tax.The specific tax requirements and rates for cryptocurrency transactions can vary depending on the jurisdiction.

Recently, there has been a lot of buzz about the introduction of a new provision in Section 80G of the Income Tax Act. 1961, in regards to Form 10BD and Form 10BE. If you donate money to different charitable institutions, you can claim a deduction under Section 80G through Form 10BE. If you are wondering how then read on for more details. In this article, you will learn about Form 10BE and related information.All About Form 10BE Income TaxWith Form 10BE, the Central Government can ensure that the donation received by different charitable institutions matches the taxpayer's deduction claims.